Business Support Services Market Share, Trends, Segments Report 2024 To 2033

The business support services market size has grown strongly in recent years. It will grow from $683.92 billion in 2023 to $747.94 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to globalization, outsourcing trends, market competition, entrepreneurial landscape.

The business support services market size is expected to see strong growth in the next few years. It will grow to $1052.92 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to remote work adoption, sustainability focus, data analytics and ai integration, regulatory and compliance changes, supply chain resilience. Major trends in the forecast period include digital transformation, cybersecurity concerns, technological advancements, customized business solutions, outsourcing growth.

Market Overview -
Business support services refer to those outsourced administrative services that help business organizations in the smooth functioning of their operations. These means establishments primarily engaged in rendering services to business establishments on a fee or contract basis, including, but not limited to, advertising and mailing, business maintenance, and management and consulting services.

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Increasing New Business Applications Fueling Growth In The Business Support Services Market
An increase in the establishment of new businesses is expected to propel the growth of the business support services market. Business support services help newly established businesses by providing a range of services. For instance, according to data by the Bureau of the Census, an agency of the U.S. Federal Statistical System of the US Government, nearly 5.4 million new business applications were filed in 2021 in the US, increasing by 22.7% over the previous year from 4.4 million new business applications in 2020. Therefore, the increase in the establishment of new businesses is expected to drive the business support services market going forward.

Competitive Landscape -
Major companies operating in the business support services market report are Apple Inc., S&P Global Inc., Teleperformance SE, Sagiss Inc., Moody's Corporation, Equifax Inc., Flexport Inc., TransUnion, VXI Global Solutions Inc., Trend Micro Inc., Intrum AB, WNS (Holdings) Limited, PRA Group Inc., Freshworks Inc., Helpware Inc., Quatrro Inc., Integra Global Solutions Inc., Zenoti Inc., Farmers Business Network Inc., Crexendo Inc., FirmsDesk Inc., Influx Corporation, SkyCom Corporation, Transcom WorldWide AB, Sykes Enterprises Inc., Working Solutions Inc., Small Enterprise Development Agency (SEDA), Sabrina's Admin Services LLC, Badabusiness IBC Kanpur, Landlord Support Services LLC, The London Business Support Service Ltd.

Artificial Intelligence For Customer Support And Business Strategies
Artificial intelligence is widely being used by business organizations in customer support activities as it considerably reduces operational costs. Artificial intelligence systems perform tasks that normally require human intelligence such as speech recognition, translation between languages, visual perception, and decision-making. This technology enables the handling of customer grievances and other interactions without human intervention, thereby increasing efficiency and reducing operational costs. It also helps manage support tickets in bulk and provides multi-language support and auto-responding to bulk emails. For instance, in July 2023, according to Adobe Inc., a US-based computer software company, top-performing enterprises displayed a significant preference for leveraging AI technology in marketing, with a utilization rate of 28%, compared to just 12% among their peers. Furthermore, nearly half (47%) of digitally mature organizations, characterized by advanced digital practices, have established well-defined AI strategies, highlighting the growing importance of artificial intelligence in contemporary business strategies.

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Key Segments -

The business support services market covered in this report is segmented -

1) By Type: Document Preparation Services, Telephone Call Centers, Business Service Centers, Collection Agencies, Credit Bureaus, Other Business Support Services
2) By Organisation Size: Large Enterprise, Small and Medium Enterprise
3) By Mode: Online, Offline

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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